"It's much more expensive now to refinance debt than it was a couple of months ago, " said Alberto Gallo, head of European macro credit research at Royal Bank of Scotland, pointing out that the LTRO helped banks meet much of their funding requirements for 2012, limiting their need to sell bonds.
He says he now is focusing on a global bond fund and spends his days reading macro-oriented publications and research from gloomy economist Nouriel Roubini.
At a macro level they tend to grow around major research universities because top graduates like to stay in town and start businesses after graduating, while their girlfriends or boyfriends finish school.